Amaya Gets Six-Month Renewal Of PokerStars License In New JerseyFormer CEO Facing Insider Trading Charges In Canada |
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The parent company of PokerStars has received a renewal of its license to operate the platform in the U.S. state of New Jersey, one of three with legal online poker, the company said last week.
The New Jersey Division of Gaming Enforcement gave approval to Amaya Gaming for the PokerStars and Full Tilt brands on Sept. 30 of last year, and months later the company successfully launched PokerStars. Only a week after the Mar. 21 launch, PokerStars was the most-played poker site in the Garden State in terms of cash games.
Amaya said that it “estimates that since its launch, PokerStars NJ has contributed to the growth of the New Jersey real-money online poker market and has quickly become the market leader in online poker.” The PokerStars platform is also offering other casino games.
“While it’s very early, we’re extremely pleased with the initial launch of PokerStars in New Jersey and the positive working relationship that Amaya has with the DGE,” said Amaya Interim CEO Rafi Ashkenazi. “I’m very proud of our employees, including those we have hired in New Jersey, who have worked diligently to prepare for the launch of a robust, stable platform backed by great customer service. We hope to continue our early positive momentum in the market as PokerStars NJ continues to roll out additional marketing and promotions.”
Ashkenazi became CEO after former CEO, president and board chairman David Baazov took a “voluntary leave of absence” after a Canadian regulator charged him and several others with insider trading. Baazov, who denies the allegations, is still on the board.
Last week, a class action suit against the company was announced.
“Amaya will continue to communicate with its regulators and does not currently anticipate any material negative impact on its current or potential licenses, approvals or partnerships as a result of the allegations against Mr. Baazov," the company said last month.
New Jersey Internet gaming win was a record $14.7 million in February, compared to $10.4 million in February 2015, reflecting an increase of 41.8 percent. Peer-to-peer online poker revenue in February was just under $2 million, down 2.5 percent from the $2.05 million raked during the same month last year. The numbers for March, which will include 10 days of PokerStars, will be out in a couple of weeks.
The year 2015 saw overall Internet gaming win of $148.88 million, up 21.2 percent from the $122.88 million won in 2014. Poker play fell 18.1 percent on the year, going from $29.06 million in 2014 to $23.82 million in 2015. PokerStars is expected to reverse that trend.
The PokerStars NJ platform has its own rake structure, which is unaffected by the rake changes for the global market that the company announced last month. The four-percent increase was criticized by some in the poker community, a topic of conversation that followed last year’s decision to change the VIP rewards program.
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